Audit & Tax Filing
Under the Hong Kong Inland Revenue Ordinance, a limited company must submit an audit report signed by a practising accountant each year as the basis for tax filing. 101 Business Consultant provides one-stop accounting, audit and tax filing arrangements so SMEs stay compliant with ease.
Audit Services
Handled throughout by licensed practising accountants to ensure financial transparency and compliance.
Professional Audit Arrangement
We work with licensed practising accountants to prepare audit reports compliant with the Inland Revenue Ordinance, supporting tax filing and financing applications.
Bookkeeping Advice
If your accounts are incomplete, we can advise on organising them so you can prepare audit information systematically.
Tax Filing Package
Tax filing can follow right after the audit, a seamless process that saves time and cost.
Tax Filing Services Covered
Corporate Tax Filing
Limited and unlimited companies must file a profits tax return each year. We help prepare financial documents, ensure accurate filing and give tax-saving advice.
Employer Tax Filing
We help submit employer's returns and employee salaries tax forms to stay compliant and avoid penalties or delays.
Individual Tax Filing
We help prepare salary and self-employed profit information, and review the deductions and allowances you can claim.
Property Tax
We help landlords calculate deductible expenses, optimise tax arrangements and file rental income on time.
Documents Required for Audit & Tax Filing
The more complete the documents, the faster the audit. Here is what a limited company generally needs to prepare for its annual audit:
Accounts & documents
- Monthly bank statements for all accounts for the full year
- Sales invoices and payment records
- Purchase invoices and expense receipts (rent, utilities, sundries, etc.)
- Staff payroll records and MPF contribution records
- Purchase documents for fixed assets (equipment, renovation, vehicles)
- Accounts receivable, payable and inventory records (if applicable)
- Loan agreements and repayment records (if any)
Company & tax documents
- Profits tax return (BIR51) issued by the IRD
- Previous year's audit report and tax return (if not the first year)
- Certificate of Incorporation, Business Registration Certificate and Articles of Association (first engagement)
- Latest annual return (NAR1)
- Employer's return (BIR56A / IR56B) (if you employ staff)
No accounts yet? You can start with our bookkeeping service to organise your accounts, then continue to audit.
4 Steps for Audit & Tax Filing
Submit Accounting Information
Hand us the documents on the list above and we'll check for anything missing.
Organise Accounts & Financial Statements
We organise the accounts and prepare financial statements in accordance with Hong Kong Financial Reporting Standards.
Audit by Practising Accountant
A licensed practising accountant carries out the audit and issues the audit report on completion.
File the Profits Tax Return
Together with the audit report and profits tax computation, BIR51 is filed with the IRD before the deadline.
Tax Deduction Quick Check
Tick the expenses your company has and instantly see which can be used to claim deductions and lower your tax burden.
FAQ
Does a limited company have to be audited?
Yes. Under the Hong Kong Inland Revenue Ordinance, a limited company must submit an audit report signed by a practising accountant each year as the basis for tax filing.
Who signs your audit?
Signed by our partner licensed practising accountants (CPA) and the report complies with Hong Kong regulations and can be used for tax filing and bank financing.
What is the Hong Kong profits tax rate?
For corporations, 8.25% on the first HK$2 million of assessable profits and 16.5% thereafter (two-tiered rate); for unincorporated businesses, 7.5% and 15%.
Does a company with no income still need to file tax?
Yes. Even with zero income or a loss, a profits tax return must still be filed on time, and a limited company must also submit an audit report.
How are fees calculated?
Audit and tax filing fees depend on company size, transaction volume and complexity of accounts. Quoted by company size. WhatsApp us to enquire.
Leave Audit & Tax Filing to Licensed Accountants
Quoted by company size with transparent fees. WhatsApp us now to find out more.